March 27, 2024

Proponents of the cryptocurrency industry might be in for another disappointing piece of news. Reportedly, users of a Hong Kong-based cryptocurrency exchange have been unable to withdraw funds since last year. Many now believe that yet another scam could be lurking in the shadows.

Several users of the Coinsuper exchange have not been able to retrieve their funds since November, according to a Bloomberg report citing messages on the firm’s official Telegram chat. At least seven of them have reported the matter to the police. In fact, five of them were unable to access funds worth $55,000 combined. In response, the Hong Kong police have been reportedly reviewing the matter.

As for Coinsuper, administrators of its Telegram channel stopped responding to queries about the frozen funds in late November. And, apart from resurfacing once to ask for the e-mail IDs of those affected, there hasn’t been any response from the administrators since then.

The bourse had regardlessly continued to remain operational, with a trading volume of over $10 million in the last 24 hours. This, however, comes out as a tiny fraction of the over $11.9 billion trade carried out by the world’s biggest exchange Binance during this time. It is also a far cry from Coinsuper’s heyday in 2019 when it used to facilitate the exchange of around $1.3 billion daily, according to Bloomberg.

This was also around the time when the exchange completed its latest funding round in early 2019. Regardless, it is…

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